Kenorland Minerals (TSXV: KLD) announced that it has entered into a property option agreement with Barrick Gold (TSX: ABX; NYSE: GOLD) with respect to the company’s South Uchi project in Ontario.
Under the option agreement, Barrick can earn an initial 70% interest in the project by spending a total of $6 million on mineral exploration within six years, of which $3 million are guaranteed expenditures within the first three years.
The gold major must also deliver an NI 43-101 compliant technical report on the project that establishes a mineral resource of at least one million ounces.
As part of its exploration expenditures, Barrick will reimburse Kenorland for its sunk costs in relation to the South Uchi project, as well as costs incurred in exercising an underlying option that comprises part of the project.
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